Listed by Matthews
$4,700,000
Walgreens (Dark)
Details
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 14,462
Cap Rate 11.46%
NOI $538,500
Tenancy Vacant
Lease Type Absolute NNN
Lease Term 25.1
Lease Expiration 09/30/2035
Remaining Term 9.2
Price per SqFt $325
Class B
Year Built 2010
Buildings 1
Stories 1
Lease Commencement 09/01/2010
Ground Lease No
Absolute NNN Walgreens with ±9.6 Years Remaining and 11.46% Cap Rate
Marketing description
Single-tenant Walgreens (Dark) in Rocky Mount, VA. ±14,462 SF building, absolute NNN lease with ±9.6 years remaining. $4,700,000 price, 11.46% cap rate, $538,500 annual rent. Corporate lease, zero landlord responsibilities, and high-traffic location.
Investment highlights
- Corporate Walgreens Lease: The property benefits from a corporate lease with Walgreens with over ±10 years remaining with zero landlord responsibilities.
- Strategic Location: Rocky Mount is strategically located along the US-220 corridor in Franklin County, which provides easy access to major markets like Roanoke and the rest of the Mid-Atlantic region.
- Natural Beauty And Recreation: Rocky Mount is surrounded by scenic landscapes, including Smith Mountain Lake and the Blue Ridge Mountains. This natural beauty attracts tourists and residents, fostering opportunities in hospitality and outdoor recreation businesses.
- Economic Diversification: While historically reliant on agriculture and manufacturing, the economy has diversified into sectors like healthcare, education, and small-scale manufacturing. This diversification helps in stabilizing the local economy and supporting new businesses.
- Infrastructure Investments: Rocky Mount has secured a $1 million federal RAISE grant to develop a multimodal master plan for the Highway 40 Corridor, aiming to enhance mobility and connectivity between Booker Washington Highway and Main Street. Franklin County also approved a $5 million agreement to purchase the former Mod-U-Kraf facility in Rocky mount to renovate/transform the ~200,000 SF into office space, Career and Technical Education center, and industrial pad site. Rocky Mount’s Economic Development Authority acquired 64-acre tract at the intersection of Highways 220 & 40 (very close to the subject property location) to earmark the site for long-term development. There is a $17 million apartment project in downtown Rocky Mount. These initiatives reflect Rocky Mount’s commitment to enhancing infrastructure, education, and quality of life for its residents.
- Educational Institutions: Nearby institutions such as the University of Virginia, Virginia Tech & Ferrum College contribute to a skilled workforce and potential collaborations for research and development initiatives.
- Business Incentives: Local and state incentives aimed at attracting businesses, along with a business-friendly environment, can lower operational costs and facilitate growth for startups and established companies.
- Community Engagement: A strong sense of community and local support for businesses can provide a stable customer base and networking opportunities for entrepreneurs. AlphaMap data suggests that several nearby stores including McDonald’s & Bojangles are amongst the highest percentile for Avg Monthly Store visits in the state.
- Residential Growth And Development: The town is experiencing a surge in residential development, with multiple new construction homes available, reflecting a growing demand for housing. This trend indicates a robust real estate market and presents opportunities for investors interested in residential properties.
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$538,500.00
$44,875.00/mo
Valuation Metrics
0
DSCR
11.46%
Cap Rate
11.46%
ROI
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